AUDUSD Movement
On Friday, the AUD strengthened marginally against the USD to close at 0.9337.
LME Copper prices declined 2.1% or $139.5/MT to $6660.5/MT. Aluminium prices fell 0.6% or $11.5/MT to $1817.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9351, with the AUD trading 0.15% higher from Friday’s close, benefiting from a more-than-expected expansion in China’s May trade surplus. Data released on Sunday showed that trade surplus in China, Australia’s largest trading partner, rose to a five-year high level $35.9 billion a in May, buoyed by a 7.0% increase in its exports.
The pair is expected to find support at 0.9326, and a fall through could take it to the next support level of 0.9301. The pair is expected to find its first resistance at 0.9368, and a rise through could take it to the next resistance level of 0.9385.
During the later course of the day, RBA Governor, Glenn Stevens, is expected to deliver a speech on “Financial Regulation: Some Observations”.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
